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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 26, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plan Obligations and Assets

The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Consolidated Balance Sheets for these plans were as follows:

			Pension Benefits												Other Benefits
			2021						2020						2021						2020
Change in projected benefit obligation:			(In thousands)
Projected benefit obligation, beginning of year			$	404,194					$	369,066					$	1,593					$	1,527
Interest cost			5,763						8,102						18						36
Actuarial losses (gains)			(14,535)						38,822						(33)						90
Benefits paid			(13,483)						(13,745)						—						—
Curtailments and settlements			(6,714)						(8,226)						(232)						(60)
Prior service cost			—						20						—						—
Currency translation loss (gain)			(2,163)						10,155						—						—
Projected benefit obligation, end of year			$	373,062					$	404,194					$	1,346					$	1,593

			Pension Benefits												Other Benefits
			2021						2020						2021						2020
Change in plan assets:			(In thousands)
Fair value of plan assets, beginning of year			$	305,983					$	294,589					$	—					$	—
Actual return on plan assets			29,126						12,672						—						—
Contributions by employer			14,393						14,774						232						60
Benefits paid			(13,483)						(13,745)						—						—
Curtailments and settlements			(6,714)						(8,226)						(232)						(60)
Expenses paid from assets			(425)						(715)						—						—
Currency translation gain (loss)			(2,471)						6,634						—						—
Fair value of plan assets, end of year			$	326,409					$	305,983					$	—					$	—

			Pension Benefits												Other Benefits
			2021						2020						2021						2020
Funded status:			(In thousands)
Unfunded benefit obligation, end of year			$	(46,653)					$	(98,211)					$	(1,346)					$	(1,593)

			Pension Benefits												Other Benefits
			2021						2020						2021						2020
Amounts recognized in the Consolidated Balance Sheets as of end of year:			(In thousands)
Current liabilities			$	(6,063)					$	(7,510)					$	(157)					$	(169)
Long-term liabilities			(40,590)						(90,701)						(1,189)						(1,424)
Recognized liabilities			$	(46,653)					$	(98,211)					$	(1,346)					$	(1,593)

			Pension Benefits												Other Benefits
			2021						2020						2021						2020
Amounts recognized in accumulated other    comprehensive loss at end of year:			(In thousands)
Net actuarial loss			$	58,143					$	95,522					$	118					$	174

Schedule of Net Periodic Benefit Cost (Income)

Net benefit costs include the following components:

			Pension Benefits																		Other Benefits
			2021						2020						2019						2021						2020						2019
			(In thousands)
Interest cost			$	5,763					$	8,102					$	6,673					$	18					$	36					$	52
Estimated return on plan assets			(10,562)						(13,071)						(6,921)						—						—						—
Settlement loss			2,313						3,371						3,538						21						7						7
Expenses paid from assets			425						735						(62)						—						—						—
Amortization of net loss			2,257						1,503						1,313						2						—						—
Amortization of past service cost			19						—						—						—						—						—
Net cost			$	215					$	640					$	4,541					$	41					$	43					$	59

Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation

The weighted average assumptions used in determining pension and other postretirement plan information were as follows:

			Pension Benefits																		Other Benefits
			2021						2020						2019						2021						2020						2019
Benefit obligation:
Discount rate			2.23		%				1.83		%				2.56		%				2.38		%				1.80		%				2.77		%
Net pension and other postretirement cost:
Discount rate			2.08		%				2.16		%				3.10		%				1.80		%				2.77		%				4.07		%
Expected return on plan assets			3.53		%				4.34		%				4.62		%				NA						NA						NA

The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is immaterial. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as that for calculating the liability recognized in the Consolidated Balance Sheets.

			Increase in Discount Rate of 0.25%						Decrease in Discount Rate of 0.25%
			(In thousands)
Impact on projected benefit obligation for pension benefits			$	(9,986)					$	10,513

Schedule of Plan Asset Allocations

The following table reflects the pension plans’ actual asset allocations:

			2021						2020
Cash and cash equivalents			2		%				1		%
Pooled separate accounts for the Union Plan(a):
Equity securities			2		%				2		%
Fixed income securities			2		%				2		%
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a):
Equity securities			19		%				20		%
Fixed income securities			12		%				13		%
Real estate			1		%				1		%
Pooled separate accounts for the U.K. Plans(a):
Equity securities			37		%				35		%
Fixed income funds			19		%				20		%
Real estate			6		%				6		%
Total assets			100		%				100		%

(a)    Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.

Schedule of Fair Value Assumptions of Plan Assets

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 26, 2021 and December 27, 2020:

			2021																								2020
			Level 1(a)						Level 2(b)						Level 3(c)						Total						Level 1(a)						Level 2(b)						Level 3(c)						Total
			(In thousands)
Cash and cash equivalents			$	6,166					$	—					$	—					$	6,166					$	1,487					$	—					$	—					$	1,487
PSAs for the Union Plan:
Large U.S. equity funds(d)			—						2,595						—						2,595						—						3,100						—						3,100
Small/Mid U.S. equity funds(e)			—						1,338						—						1,338						—						392						—						392
International equity funds(f)			—						1,954						—						1,954						—						1,874						—						1,874
Fixed income funds(g)			—						5,186						—						5,186						—						5,365						—						5,365
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)			—						31,960						—						31,960						—						29,602						—						29,602
Small/Mid U.S. equity funds(e)			—						16,232						—						16,232						—						17,569						—						17,569
International equity funds(f)			—						15,710						—						15,710						—						16,320						—						16,320
Fixed income funds(g)			—						40,470						—						40,470						—						38,944						—						38,944
Real estate(h)			—						5,405						—						5,405						—						5,677						—						5,677
PSAs for the U.K. Plans:
Large U.S. equity funds(d)			—						47,995						—						47,995						—						39,002						—						39,002
International equity funds(f)			—						71,883						—						71,883						—						69,251						—						69,251
Fixed income funds(e)			—						60,914						—						60,914						—						60,212						—						60,212
Real estate(h)			—						18,601						—						18,601						—						17,188						—						17,188
Total assets			$	6,166					$	320,243					$	—					$	326,409					$	1,487					$	304,496					$	—					$	305,983

(a)    Unadjusted quoted prices in active markets for identical assets are used to determine fair value.

(b)    Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.

(c)    Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.

(d)    This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.

(e)    This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.

(f)    This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.

(g)    This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). These investment options typically carry more risk than short-term fixed income investment options, but less overall risk than equities.

(h)    This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.

Schedule of Benefit Payments

The following table reflects the benefits as of December 26, 2021 expected to be paid through 2031 from the Company’s pension and other postretirement plans. The Company’s pension plans are primarily funded plans. Therefore, anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. The Company’s other postretirement plans are unfunded. Therefore, anticipated benefits with respect to these plans will come from the Company’s own assets.

			Pension Benefits						Other Benefits
			(In thousands)
2022			$	26,660					$	157
2023			17,491						150
2024			17,436						143
2025			17,180						135
2026			17,070						126
2027-2031			83,247						485
Total			$	179,084					$	1,196

Schedule of Unrecognized Benefit Amounts

The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:

			Pension Benefits																		Other Benefits
			2021						2020						2019						2021						2020						2019
			(In thousands)
Net actuarial loss (gain), beginning of year			$	95,522					$	58,239					$	54,343					$	174					$	91					$	(34)
Amortization			(2,276)						(1,503)						(1,313)						(2)						—						—
Settlement adjustments			(2,313)						(3,371)						(3,538)						(21)						(7)						(7)
Actuarial loss (gain)			(14,535)						38,822						20,729						(33)						90						132
Asset loss (gain)			(18,563)						400						(11,982)						—						—						—
Net prior service cost			—						378						—						—						—						—
Currency translation loss			308						2,557						—						—						—						—
Net actuarial loss, end of year			$	58,143					$	95,522					$	58,239					$	118					$	174					$	91

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